The party-loving star's hit sitcom has been scrapped for the remainder of the current season following a series of scandals in his private life and his public rants against show creator Chuck Lorre. But Sheen is now preparing to hit back at CBS bosses by issuing a $320 million lawsuit suit claiming mental anguish, according to the New York Post. The publication reports the legal action will also be aimed at Lorre and Warner Bros. chiefs, and could be lodged with a California court on Monday, February 28.

Sheen's lawyer, Marty Singer says, "He (Sheen) intends to hold Warner Bros. fully accountable for the compensation owed on his contract and to hold Warner Bros. and CBS fully accountable for all of the consequences of their actions. If he's not paid as requested, our client intends to bring appropriate legal action against Warner Bros., as well as against Mr. Lorre...".